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Conditions Worse Now Than On Black Monday: Safe Haven Flows Moving Into Gold, Not Treasurys, Japan Is In Danger of Imminent Technical Default, China's Real Growth Is 0%, Stock Market Is Heading To An Earning Shock And Spain Is Totally Beyond Saving

The economic backdrop that sparked the stock market crash of 1987 is still in place and has grown worse, says Peter Schiff, CEO of Euro Pacific Capital.

In 1987, “the market was spooked by concerns over international trade and government debt, which then became known as the twin deficits" — the budget deficit and the trade deficit, Schiff writes an economic commentary.